This Act may be cited as the Support for Ownership and Investment in Land Act or the SOIL Act.

Subtitle D of the Consolidated Farm and Rural Development Act is amended by inserting after section 333D (7 U.S.C. 1983dU.S. Code — Title 7, Section 1983dView official source on GovInfo) the following: 333E. Prior approval or qualification authorization pilot program (a) In general Beginning not later than 1 year after the date of the enactment of this section, the Secretary shall carry out a pilot program to establish a pre-approval or pre-qualification process for direct farm ownership loans made under subtitle A in order to streamline the application process and provide greater certainty to borrowers. (b) Eligibility requirements (1) In general Notwithstanding any other provision of this Act, the Secretary may establish alternative eligibility requirements for direct farm ownership loans under subtitle A that are processed through the pilot program. (2) Limitation Applicants satisfying the alternative eligibility requirements shall remain subject to all other provisions of subtitle A. (c) Loan assessments In carrying out the pilot program, the Secretary shall consider streamlining the determinations under section 360(b). (d) Report Not later than 1 year after the date of the enactment of this section, and annually thereafter, the Secretary shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report examining the actions undertaken under, and the results of, the pilot program. (e) Termination of effectiveness The authority provided by this section shall terminate effective September 30, 2030..